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New York regulator issues rules to strengthen crypto listing

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The new regulations compel crypto companies to submit their coin listing and delisting policies for approval.
The guidelines apply to all licensed digital currency business entities in New York.

The New York State Department of Financial Services (NYDFS) has introduced stricter guidelines for cryptocurrency listing and delisting.

On 15th November, the NYDFS unveiled regulations compelling crypto companies in New York to submit their coin listing and delisting policies for approval.

These policies will undergo scrutiny against more robust risk assessment standards. They will also cover technological, operational, cybersecurity, market, liquidity, and illicit activity risks.

The tightened guidelines apply to all licensed digital currency business entities in New York. Firms licensed under the state’s Banking Law or the New York Codes, Rules, and Regulation will be subject to the new regulations.

Notable entities affected include stablecoin issuer Circle, crypto exchange Gemini, fund manager Fidelity, trading platform Robinhood, and payments giant PayPal.

New rules aimed to facilitate “innovative and data-driven approach”

Under the new rules, cryptocurrency firms with previously approved coin listing policies cannot self-certify tokens without obtaining NYDFS approval.

The NYDFS emphasizes aligning coin listing and delisting policies with its standards for a more secure crypto environment.

The financial regulator initiated the proposal in September, seeking public feedback before finalizing the guidelines.

Superintendent of Financial Services Adrienne A. Harris clarified that the updated rules are not indicative of a statewide crackdown on the cryptocurrency industry.

Instead, the NYDFS aims to impl

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Author: Suzuki Shillsalot

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